D216 Unit 5 Final Exam Questions And Correct Updated Answers.
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Course
WGU D216
Institution
WGU D216
discharge in bankruptcy - Answer The release of a debtor from all debts that are provable, except those specifically excepted from discharge by statute.
impossibility of performance - Answer A doctrine under which a party to a contract is relieved of his or her duty to perform when perform...
D216 Unit 5 Final Exam Questions And
Correct Updated Answers.
discharge in bankruptcy - Answer The release of a debtor from all debts that are provable, except those
specifically excepted from discharge by statute.
impossibility of performance - Answer A doctrine under which a party to a contract is relieved of his or
her duty to perform when performance becomes impossible or totally impracticable (through no fault of
either party).
commercial impracticability - Answer A doctrine under which a seller may be excused from performing
a contract when (1) a contingency occurs, (2) the contingency's occurrence makes performance
impracticable, and (3) the nonoccurrence of the contingency was a basic assumption on which the
contract was made.
frustration of purpose - Answer A court-created doctrine under which a party to a contract will be
relieved of his or her duty to perform when the objective purpose for performance no longer exists (due
to reasons beyond that party's control).
waiver - Answer An intentional, knowing relinquishment of a legal right.
Tender of delivery - Answer Under the Uniform Commercial Code, a seller's or lessor's act of placing
conforming goods at the disposal of the buyer or lessee and giving the buyer or lessee whatever
notification is reasonably necessary to enable the buyer or lessee to take delivery.
perfect tender rule - Answer A common law rule under which a seller was required to deliver to the
buyer goods that conformed perfectly to the requirements stipulated in the sales contract. A tender of
nonconforming goods would automatically constitute a breach of contract. Under the Uniform
Commercial Code, the rule has been greatly modified
express warranty - Answer A seller's or lessor's oral or written promise, ancillary to an underlying sales
or lease agreement, as to the quality, description, or performance of the goods being sold or leased.
, implied warranty - Answer A warranty that the law derives by implication or inference from the nature
of the transaction or the relative situation or circumstances of the parties.
implied warranty of merchantability - Answer A warranty that goods being sold or leased are
reasonably fit for the ordinary purpose for which they are sold or leased, are properly packaged and
labeled, and are of fair quality. The warranty automatically arises in every sale or lease of goods made by
a merchant who deals in goods of the kind sold or leased.
implied warranty of fitness for a particular purpose - Answer A warranty that goods sold or leased are
fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose
for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skill
and judgment of the seller or lessor to select suitable goods
voluntary consent - Answer Knowing and voluntary agreement to the terms of a contract. If voluntary
consent is lacking, the contract will be voidable.
unilateral mistake - Answer A mistake that occurs when one party to a contract is mistaken as to a
material fact.
bilateral mistake - Answer A mistake that occurs when both parties to a contract are mistaken about
the same material fact.
scienter - Answer Knowledge by the misrepresenting party that material facts have been falsely
represented or omitted with an intent to deceive.
Undue influence - Answer Persuasion that is less than actual force but more than advice and that
induces a person to act according to the will or purposes of the dominating party.
duress - Answer Unlawful pressure brought to bear on a person, causing the person to perform an act
that he or she would not otherwise perform (or refrain from doing something the person would
otherwise have done).
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